Moody Securities Ordered to Pay $350K to IPO Investors

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In May 2015, Moody Securities LLC signed a letter of Acceptance, Waiver and Consent with the Financial Industry Regulatory Authority (FINRA) to settle charges that the firm violated FINRA rules governing underwriting compensation.

Specifically, FINRA determined that Moody’s written supervisory procedures (WSPs) failed to provide guidelines to monitor organization and offering expenses or underwriting compensation during the time of the firm’s affiliated real estate investment trust (REIT) offering for which Moody received underwriting compensation that exceeded 10% of the offering’s gross proceeds.

Moody did not admit or deny the FINRA findings, but agreed to pay a $350,000 to the REIT investors to resolve FINRA allegations.

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